A-B-C-D Trade - page 208
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Negative EU data at 09:00 send EUR/USD lower toward 1.4400 level
This is a update on the EUR/USD split-screen.
The intra-day chart on the left has the fib extension levels. We added the ABC. Bottom thus far has been the regular 261.8 of 1.43866 and FE 200 1.43951.
Chart on right has given great S&R for weeks, and thus act as our "wide plots". Obviously, the PSQ9 levels are constant, adjusting week-to-week.
The pullback currently at the 37.2% of plot using Point C as High. U.S. session poised to open.
Continuance of this pair, with wide plot in gray and immediate plot in white fibs.
We identified bounce off the Low, which ended up retracing to the 50% fib. From there, a strong thrust to the downside hit the 161.8 extension level at 07:45 and bounced.
A subsequent probe attempt below the 161.8 was short-lived and pair pullbacked to the 50% area once again.
The 2nd chart is a 1-hour with PSQ9 and fib plot:
High = Aug 29th 14:00 1.19722 Low = Aug 29th 18:00 1.18163
The recent bottom was the plot's 138.2, and just above the Mars 90-degree.
And finally, here is the chart for CFD for gold, XAU_USD. We have the PSQ9 and ABC plot using swings of:
Aug 28th 22:00/Aug 29th 01:00/Aug 29th 04:00
FE 161.8 = 1777.70 (hit Aug 29th 14:00)
Since that move, we plotted another ABC with swings:
Aug 29th 19:30/Aug 30th 01:00/Aug 30th 08:00
Thrust up during 11:30 candle period broke Point B price level of 1800.70, and made it to the FE 200 at 12:00 period. Nice bounce opportunity as FE 200 near previous top.
"Risk on" back in markets.
U.S. Consumer Confidence data released at 14:00 GMT missed projection badly. You'll see gold go up.
Have to urge caution with XAU_USD as there are many layers of resistance.
Attached is continuance of 30-min chart with SQ9(Price) using start price of 1912.32. We can also see previous high of 1834.87, established Aug 28th 22:00.
Fibo fan plot uses the 1912.32 as High and moving Low to Aug 29th 19:30 1775.88. The 50% ray is now acting as resistance.
Together with the 88.6 fib (purple), XAU_USD has to fight through a myriad of resistance.
Subsequent to our narrative on the pullback off divergence, which retraced 50%, we moved fib plot using that high of 87.70 and Low = Aug 29th 09:00 85.33.
Current price at the 127.2 extension of 88.34.
AUD/USD as mentioned is commodity-sensitive. Short opportunity as both approaching resistance.
4-way split-screen includes EUR/USD which basically trades in the same direction as AUD/USD. Also have a AUD/USD 15-min trigger chart on lower left.
The call is a short on the AUD/USD now (study purposes).
S/L above 00:00 high 1.06845. If price tops out at 1.06817 (PSQ9), the 38.2 retrace is 1.06582.